Republican presidential candidate and former Massachusetts Gov. Mitt Romney speaks during the 113th National Convention of the Veterans of Foreign Wars of the U.S. at the Reno-Sparks Convention Center on July 24, 2012 in Reno, Nevada. Mitt Romney spoke to veterans at the 113th National Convention of the Veterans of Foreign Wars before he leaves to London to kick off a six-day foreign trip to England, Israel and Poland.

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WASHINGTON - Republican candidate Mitt Romney and his allies have hauled in more campaign cash than President Barack Obama and his supporters for a third straight month, raising the once-unthinkable question of whether Obama can collect enough money to hold on to the White House.

A huge spending advantage in the final months of the election would be a major benefit for a campaign team, particularly with undecided voters up for grabs in a close contest. The nightmare scenario for Obama would be if Romney was able to flood the airwaves with attack ads in the final phase of a tight election, and Obama lacked the money to respond.

But three months before Election Day, Democrats say the Republican challenger's fundraising gains have not forced the Obama campaign to re-evaluate its strategy, cut back on staffing or shift resources — signs that would show a campaign in financial trouble.

Highlighting the challenge for Obama, Romney on Monday reported a July fundraising haul of more than $101 million along with the Republican National Committee, compared to the $75 million that Obama's campaign said it had brought in along with the Democratic National Committee.

Obama officials say they expected Romney to outraise the president through the summer and have made contingency plans if the disparity continues. Part of that planning had involved heavy spending on ads through the spring and summer in an attempt to define Romney as an out-of-touch, elite businessman before he has access to most of his general election funds.

Money wasn't even supposed to be a worry for the president's campaign, which smashed fundraising records in 2008. But that was when Obama was merely a candidate — not a president who inherited the worst economic crisis since the Great Depression.

That was also before the Supreme Court's landmark Citizens United vs. Federal Election Commission decision in 2010, which opened the door to unlimited campaign contributions from outside groups known as Super PACs, or political action committees.

Republicans have capitalized on that decision, and Democrats say it's not Romney's own campaign fundraising that worries them — it's the huge influx of money from the Republican-leaning super PACs.

Two of the largest Republican Super PACS, Restore Our Future and Americans Crossroads, have raised about $122 million since the beginning of last year. Democratic-leaning groups Priorities USA Action and American Bridge 21st Century have raised about $30 million in the same time period.

While the race for voter support is tight, according to polls, the crush of money from Republican-leaning groups has forced the president's campaign to spend heavily through the summer. In June, the Obama campaign spent more than it brought in.

During a fundraiser in Stamford, Connecticut, Obama said Romney's tax proposal would benefit the wealthy at the expense of many middle-class families. "It's like Robin Hood in reverse," he said. "It's Romney Hood."

Romney campaign spokesman Ryan Williams countered that Obama was the only "candidate in this race who's going to raise taxes on the American people."

The president also warned that his campaign faced a deluge of Republican money.

"Over the course of the next three months, the other side is going to spend more money than we have ever seen on ads that basically say the same thing you've been hearing for the past three months," Obama said, then summarized their argument as "the economy is not where it needs to be and it's Obama's fault."

Indeed, Romney's financial advantage means Obama must find time in his schedule to keep personally wooing donors, even as the campaign enters a phase where he will be headlining more big rallies and other public campaign events.

Obama has been spending big chunks of time making his own pleas. He was raising money Monday in Connecticut at two events with Hollywood connections. One fundraiser was at the home of film mogul Harvey Weinstein. The hosts included actresses Anne Hathaway and Joanne Woodward and writer Aaron Sorkin. The events were expected to bring in at least $2.5 million for Obama's campaign.

In order to compensate for the president's divided time, the campaign and its allies are turning to a number of surrogates, including Michelle Obama and Bill Clinton, to raise money. The first lady is holding events in Wyoming on Saturday and a family-oriented fundraiser with members of the band No Doubt at the Beverly Hills, California, home of lead singer Gwen Stefani.

The campaign has also been raffling off chances for smaller donors to attend meals with the president or attend events with celebrities such as actor George Clooney.

Before Romney's summer surge, Obama had not been outraised by an opponent since 2007, early in the Democratic presidential primary.

In an email to supporters after the July numbers were announced, the Obama campaign said "If we don't step it up, we're in trouble."

Obama aides say their campaign is bringing in enough money to stay competitive in television advertising. The campaign has already purchased most of its air time in crucial battleground states through Election Day using money it raised earlier in the cycle.

The campaign also has poured tens of millions of dollars into setting up field offices in battleground states, launching registration drives and compiling data on voters — all expensive efforts that could pay dividends for Obama in the state-by-state battle for the White House. The Romney campaign is still setting up those efforts in some states and will probably have to devote a significant amount of its incoming cash to doing so.

Les Coney, a top Obama donor in Chicago, said he had heard "zero concern" among the president's finance committee members that the fundraising disparity could hurt Obama's ability to run an effective campaign. "But obviously we're out there hustling, trying to raise money," he said

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